Magazine article Marketing

Lloyds TSB Tests Link with Post Office

Magazine article Marketing

Lloyds TSB Tests Link with Post Office

Article excerpt

Lloyds TSB, the UK's biggest bank, is piloting a scheme that could see it offer a basic business banking service through the 15,500 Post Office branches in England and Wales.

Lloyds TSB struck the deal with GiroBank, the retail bank which operates through the Post Office, to give business account holders the opportunity to deposit cash and cheques, and change notes for coins at Post Office branches.

The scheme is being tested in 11 branches in Reading. The service will roll out nationally in the first quarter of next year if the pilot is a success.

Last week the government issued a statement encouraging banks to offer banking services through the Post Office as a means of providing branch-based banking to remote communities (Marketing, November 18).

Banks have been criticised for gradually reducing their networks. Nat West, Barclays and Northern Rock have all announced branch closures this year.

The banks claim the need to reduce costs, exacerbated by the explosion in direct telephone and online banking techniques, has led to the cuts. …

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